Savola Group to discuss deals worth SR459.2 mln with Taiba ‎Investment

The Savola Group Board is pleased to invite the esteemed shareholders to the General Assembly (GA) Ordinary Meeting (No.42), which will be held on Tuesday 20 September 2022 at 07:30 PM corresponding to 24 Safar 1444H (as per Um Al-Qura Calendar) to discuss the Meeting Agenda which consists of one item only.

General Assembly Meeting Agenda:

Voting on the businesses and contracts which will be executed between Savola Group and Taiba Investments Company, in which Mr. Badr Al Issa (Savola vice-chairman) and two of Savola Board members (Mr. Mohammed Al Issa, and Eng. Mutaz AlAlazzawi) have an indirect interest. Both Mr. Badr Al Issa and Mohammed Al Issa have a relative who is a major shareholder in Taiba investment Co. (the buyer) and Eng. Mutaz Al Azzawi has a relative in Taiba investment Co. who is a Board Member. The agreement is to sale Savola entire shares of 11.47% that includes (6.40%) as direct ownership in Knowledge Economic City Co. and (5.07%) as indirect ownership through its shareholding in Knowledge Economic City Developers Co. Limited after obtaining the necessary approval of the regulatory authorities or contractual parties .However, in case the two parties were unable to obtain any of the required approvals to complete the transaction or if they were unable to fulfill any of the legal procedures and conditions precedent within (120) days from the date of the Agreement signature, the two parties, by written agreement, may either cancel the transaction and terminate this Agreement, or extend it for an additional period, or partially cancel the transaction. The transaction total value will be amounted to SAR 459.26 million and there are no preferential terms. (attached)

The shareholders, who are registered in the Tadawulaty electronic trading services, can remotely vote on the items of the General Assembly Meeting Starting from Friday 16 September 2022 corresponding to 20/02/1444 at 01:00 a.m. until the end of the GAM. The registration and voting are free of charge and will be available through the electronic voting service following link: (https://www.tadawulaty.com.sa)

Eligibility for Registering the Attendance of the General Assembly’s Meeting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Business of the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes.

The General Assembly Meeting will reach its quorum, if attended by a number of shareholders representing 25% of the share capital of the Company, if such quorum is not present at the first meeting, an invitation shall be sent for a second meeting to be held after a lapse of an hour from the preceding meeting. The second meeting shall be valid regardless of the number of shares represented therein as per the company’s bylaws.